Registered Insurance Brokers of Ontario (RIBO), Ontario's broker regulator, has issued an advisory about an alleged referral program that allows consumers access to a five-year home and auto policy. However, the insurer listed as the provider had no knowledge of the program, nor does it offer the coverage listed.
According to the RIBO advisory, representatives of "Net Wealth Capital Inc." sold consumers memberships to "Axccess [sic] Lifestyle Membership Corporation" for a $400 fee. One of the listed membership benefits is access to home and auto insurance (two cars) for five years for a premium of $7,797.
The broker listed is "Chesterfield Insurance Brokers Ltd.," with coverage provided by "Lloyd's Canada." In the advisory, Gary Hirst, executive director of the Chesterfield Group Limited, said Chesterfield Insurance Brokers Ltd. is a U.K.-registered, fully accredited Lloyd's broker and Chesterfield Canada Inc. is the RIBO-registered Canadian entity. Neither company offers home or auto insurance.
"Chesterfield Canada Inc. would also like to make it clear that they first became aware of this 'product' promotion one week ago and immediately informed RIBO, Lloyd's of London and the Toronto Police that they, Lloyd's Canada and Chesterfield Insurance Brokers Limited, were not providing any support to the 'product,' and that the use of the Chesterfield Group Company and Lloyd's names and logos in the publications are false and without explicit permission," Hirst said in the advisory.
"Chesterfield Group companies have no association with Net Wealth Capital or Axcess Lifestyle Membership Corporation and do not endorse the product that has been promoted."
Thanks to Canadian Underwriter
The Insurance Advisors @ Guthrie Insurance Brokers Ltd
Toronto – (416) 487-5200 – 1-888-310-SAVE (7283)
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